US Business

Joni Mitchell wows with surprise set at Newport Folk Fest

Joni Mitchell delivered her first full set in more than 20 years this weekend, surprising attendees at the Newport Folk Festival alongside country star Brandi Carlile.

The show followed Mitchell’s stage cameo earlier this year, when she joined other artists as they performed a moving tribute to her life’s work at the MusiCares pre-Grammy gala.

Both moments marked rare public appearances for the trailblazing Mitchell, who in 2015 suffered a brain aneurysm that left her temporarily unable to speak, the aftermath of which has involved extensive physical therapy.

Mitchell and Carlile sang duets including the 78-year-old’s “A Case of You” and “Both Sides Now,” while the Canadian-born folk icon delighted the crowd by playing the lengthy solo from “Just Like This Train” on an electric guitar.

Mitchell last appeared at Newport, an annual festival in Rhode Island, in 1969. 

Sunday’s 13-song set also featured her classic environmentalist anthem “Big Yellow Taxi” and “The Circle Game” along with renditions of “Summertime,” “Love Potion No. 9” and “Why Do Fools Fall in Love.”

The revolutionary singer-songwriter earlier this year was honored as MusiCares’ Person of the Year at the charity gala that precedes the Grammys, where she gave a brief performance.

The next night she accepted the Grammy for Best Historical Album, appearing in a red leather beret, sunglasses and floral pants, her flowing blonde hair in pigtails.

Born in a small town in western Canada, Mitchell had her start playing small clubs and eventually moved to Los Angeles, where she became a pivotal figure in the 1960s Laurel Canyon music scene and beyond.

She is considered one of her generation’s most iconic singer-songwriters, giving rise to the phenomenon of the solitary and thoughtful musician who pours out emotion on stage.

Last summer her seminal album “Blue” charted number one on iTunes as it hit its fiftieth anniversary — outperforming even pop sensation Olivia Rodrigo’s “Sour.”

Voicing her own astonishment over the milestone on the MusiCares red carpet, Mitchell earlier this year explained her album’s enduring popularity and recent resurgence: “Maybe people want to get a little bit deeper.”

Stocks wobble as markets begin big week

European and American stocks moved in mixed directions Monday as markets began a busy week, with the US Federal Reserve poised to lift interest rates again and some of the world’s biggest companies scheduled to publish their latest earnings reports.

Asian markets ended lower.

The Fed is widely tipped to hike borrowing costs by 0.75 percentage points Wednesday as it battles soaring inflation.

US second-quarter gross domestic product data are due Thursday, with some observers warning it could show a second successive contraction — which is considered a technical recession.

Investors are also awaiting an extremely heavy week of earnings reports featuring tech giants like Apple, and industrial behemoths such as Boeing and General Motors, along with McDonald’s and other consumer-oriented names.

“Recent risk-on moves appear to be on thin ice as markets gear up for another bout of earnings and a crucial Fed rate decision,” said market analyst Joshua Mahony at trading platform IG.

Wall Street had a mixed day with the Dow and S&P 500 advancing and the tech-rich Nasdaq retreating.

The pullback in Nasdaq reflects reticence ahead of an intense 72-hour stretch that will see releases from most of the biggest US companies, beginning Tuesday with Google parent Alphabet and Microsoft.

“Investors won’t want to touch Nasdaq stocks until we hear from Alphabet tomorrow and if they don’t like what they hear they may wait to see if Thursday’s massive results from Apple and Amazon provide any reasons to be optimistic with tech stocks,” said a note from Oanda’s Edward Moya.

Despite the deluge of market-moving news on the calendar, European stocks had been trading higher across the board until an announcement by Russia’s Gazprom that it was cutting back gas deliveries to Germany due to a faulty turbine, which pulled down the DAX index in Frankfurt.

It ended the day down 0.3 percent, while the CAC in Paris climbed 0.3 percent and London’s FTSE 100 rose 0.4 percent.

Consumer prices are soaring worldwide after economies reopened from pandemic lockdowns and as the war in Ukraine keeps energy prices elevated.

That, in turn, has sparked aggressive rate hikes from major central banks to try and dampen inflationary pressures.

“We still see further downside for risky assets as recession fears accumulate and central banks remain committed to fighting inflation at the expense of growth,” said Standard Chartered strategist Eric Robertsen.

– Key figures at around 2120 GMT –

New York – Dow: UP 0.3 percent at 31,990.04 (close)

New York – S&P 500: UP 0.1 percent at 3,966.84 (close)

New York – Nasdaq: DOWN 0.4 percent at 11,782.67 (close)

London – FTSE 100: UP 0.4 percent at 7,306.30 (close) 

Frankfurt – DAX: DOWN 0.3 percent at 13,210.32 (close)

Paris – CAC 40: UP 0.3 percent at 6,237.55 (close)

EURO STOXX 50: UP 0.2 percent at 3,604.16 (close)

Tokyo – Nikkei 225: DOWN 0.8 percent at 27,699.25 (close)

Hong Kong – Hang Seng Index: DOWN 0.2 percent at 20,562.94 (close)

Shanghai – Composite: DOWN 0.6 percent at 3,250.39 (close)

Euro/dollar: UP at $1.0223 from $1.0213 Friday

Pound/dollar: UP at $1.2046 from $1.1999 

Euro/pound: DOWN at 84.83 pence from 85.09 pence

Dollar/yen: UP at 136.65 yen from 136.12 yen

Brent North Sea crude: UP 1.9 percent at $105.15 per barrel

West Texas Intermediate: UP 2.1 percent at $96.70 per barrel

burs-jmb/bfm

High-level US delegation heads to Solomons to mark WWII amid China moves

A high-level US delegation will travel to the Solomon Islands to mark the 80th anniversary of the World War II Battle of Guadalcanal, months after the country signed a controversial security pact with China, the State Department announced Monday.

Deputy Secretary of State Wendy Sherman and other senior diplomats and military leaders will visit the islands’ capital Honiara from August 6-8 and attend memorial events organized with Japan, now a close US ally.

The visitors will include Caroline Kennedy, the US ambassador to Australia, whose father, late president John F. Kennedy, was famously wounded in the Solomon Islands in a Japanese attack at sea in the wake of the decisive battle. 

“These events will recognize the service and sacrifice of those who fought in the Battle of Guadalcanal, including US and Allied forces, the people of Solomon Islands and the people of Japan,” a State Department statement said.

It said the US delegation will also “highlight the enduring relationship between the United States and Solomon Islands,” including the recent decision to reopen a US embassy in Honiara.

The Solomons in April signed a secretive security deal with China, defying warnings voiced by the United States and Australia which fear that a rising Beijing will exert its military clout farther into the Pacific.

Prime Minister Manasseh Sogavare, however, recently insisted that the Solomon Islands will not host a foreign military base for fear of becoming a target.

Sherman’s father was a Marine who was seriously injured in the Battle of Guadalcanal, a major offensive over six months in 1942 and 1943 that triggered a Japanese withdrawal and marked the start of major Allied operations in the Pacific.

Walmart cuts profit outlook as inflation bites shoppers

Walmart cut its profit outlook Monday as surging inflation prompts shoppers to cut back on higher-margin items as they contend with increased prices for gasoline, food and other staples.

The world’s biggest retailer now expects a double-digit decline in operating income for both the second quarter and full year after previously projecting the potential for a slight increase for the second quarter and a decrease of about one percent for the year.

Not all of the latest figures were downgrades to Walmart’s forecast, however.

The company now expects comparable sales growth of six percent for US stores in the second quarter, a slight upgrade from its prior outlook, reflecting heavy sales of food and consumables.

But this shift has come at the expense of other categories of merchandise, with the chain flagging apparel as a particularly weak domain in which it has cut prices to unload merchandise.

“The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hardline categories, apparel in Walmart US is requiring more markdown dollars,” said Chief Executive Doug McMillon.

“We’re now anticipating more pressure on general merchandise in the back half.”

Walmart’s announcement reflects the reality that profit margins for groceries are “far lower” compared with other goods, said analyst Neil Saunders of GlobalData Retail.

The big chain has dealt with higher labor and freight costs during the pandemic, but has “not passed these costs on in-full, which has an impact on its profitability,” Saunders said. 

“We believe this is a trend playing out more widely: Most retailers are not struggling to grow their top lines, but they are struggling to maintain the high levels of profitability that were commonplace over the past few years.”

Shares of Walmart sank 8.8 percent to $120.38 in after-hours trading.

Biden feels 'great' as Covid symptoms ease

US President Joe Biden said Monday he feels “great” after getting over most of his Covid-19 symptoms and hopes to be fully back at work this week.

“I’m feeling great,” Biden told reporters at the end of a meeting with staff and business leaders on microchip manufacturing, where he appeared by video link.

In a slightly croaky voice, Biden said he’d had two full nights of sleep in a row, adding with a smile that “as a matter of fact my dog had to wake me up this morning.”

Biden, who has isolated at the White House since testing positive for the coronavirus last Thursday, said he hoped to be working in person again “by the end of this week.”

The president has been carrying out his full duties, but has observed a lighter schedule during his recovery.

Earlier, the official White House doctor said that the 79-year-old’s condition is much improved, although he continues to receive treatment for the potentially deadly virus.

“His symptoms have now almost completely resolved,” Biden’s physician Kevin O’Connor said in a memorandum to the White House press secretary. “He only notes some residual nasal congestion and minimal hoarseness.”

Biden’s lungs remain clear and his pulse, blood pressure and respiratory rate are all normal, the doctor said.

The president continues to take the antiviral therapeutic Paxlovid and “is experiencing no shortness of breath,” the memorandum said.

Biden is the oldest person ever in the US presidency but his physician says he is generally in good health. He has been fully vaccinated and received two booster shots against the coronavirus.

Paul Sorvino, 'Goodfellas' actor and father of Mira Sorvino, dies

US actor Paul Sorvino, famous for his role in the gangster classic “Goodfellas” and the father of actress Mira Sorvino, has died at the age of 83, his family said Monday. 

“I am completely devastated. The love of my life & the most wonderful man who has ever lived is gone. I am heartbroken,” his widow Dee Dee Sorvino wrote on her Facebook page. 

Born in April 1939 in New York, Paul Sorvino was best known for his role as Paul Cicero in “Goodfellas,” directed by Martin Scorsese and released in 1990, alongside Robert De Niro, Joe Pesci and Ray Liotta. 

The following year, he distinguished himself in the television series “Law and Order,” where he played a policeman. In 1995, he took on the role of Henry Kissinger in Oliver Stone’s film “Nixon.”

“My father the great Paul Sorvino has passed,” his daughter Mira Sorvino, who won an Oscar in 1996 for her role in Woody Allen’s “Mighty Aphrodite,” said on Twitter. 

“My heart is rent asunder — a life of love and joy and wisdom with him is over,” she said. 

Paul Sorvino played a wide variety of supporting roles in movies or in television series, but he was a multi-faceted artist, with a particular love of sculpture and opera. 

“Most people think I’m either a gangster or a cop or something, but the reality is I’m a sculptor, a painter, a best-selling author, many, many things — a poet, an opera singer, but none of them is gangster, but, you know, obviously I sort of have a knack for playing these things,” he said in a 2014 interview in the Orlando Weekly. 

Joni Mitchell wows with surprise set at Newport Folk Fest

Joni Mitchell delivered her first full set in more than 20 years this weekend, surprising attendees at the Newport Folk Festival alongside country star Brandi Carlile.

The show followed Mitchell’s stage cameo earlier this year, when she joined other artists as they performed a moving tribute to her life’s work at the MusiCares pre-Grammy gala.

Both moments marked rare public appearances for the trailblazing Mitchell, who in 2015 suffered a brain aneurysm that left her temporarily unable to speak, the aftermath of which has involved extensive physical therapy.

Mitchell and Carlile sang duets including the 78-year-old’s “A Case of You” and “Both Sides Now,” while the Canadian-born folk icon delighted the crowd by playing the lengthy solo from “Just Like This Train” on an electric guitar.

Mitchell last appeared at Newport, an annual festival in Rhode Island, in 1969. 

Sunday’s 13-song set also featured her classic environmentalist anthem “Big Yellow Taxi” and “The Circle Game” along with renditions of “Summertime,” “Love Potion No. 9” and “Why Do Fools Fall in Love.”

The revolutionary singer-songwriter earlier this year was honored as MusiCares’ Person of the Year at the charity gala that precedes the Grammys, where she gave a brief performance.

The next night she accepted the Grammy for Best Historical Album, appearing in a red leather beret, sunglasses and floral pants, her flowing blonde hair in pigtails.

Born in a small town in western Canada, Mitchell had her start playing small clubs and eventually moved to Los Angeles, where she became a pivotal figure in the 1960s Laurel Canyon music scene and beyond.

She is considered one of her generation’s most iconic singer-songwriters, giving rise to the phenomenon of the solitary and thoughtful musician who pours out emotion on stage.

Last summer her seminal album “Blue” charted number one on iTunes as it hit its fiftieth anniversary — outperforming even pop sensation Olivia Rodrigo’s “Sour.”

Voicing her own astonishment over the milestone on the MusiCares red carpet, Mitchell earlier this year explained her album’s enduring popularity and recent resurgence: “Maybe people want to get a little bit deeper.”

Woman shot after firing into air at Dallas airport: police

Flights were halted at Love Field airport in Dallas, Texas, on Monday after a woman fired several shots into the air inside a terminal, police said.

The 37-year-old woman was shot and wounded by a police officer after she fired into the ceiling with a handgun, Police Chief Eddie Garcia said.

Garcia told reporters the woman was dropped off at the airport, went into a restroom, emerged wearing different clothing and opened fire.

A police officer in the area shot the woman in the “lower extremities” and she was arrested and taken to hospital, the police chief said.

No one else was injured.

The shooting sparked panicked scenes at the airport as passengers fled for safety.

The Federal Aviation Administration issued a “ground stop,” temporarily halting flights at the airport.

European satellite firms eye tie-up to create 'global champion'

French satellite operator Eutelsat said on Monday it was in talks with British counterpart OneWeb for a tie-up to create a “global champion” in broadband internet, rivalling US services like Elon Musk’s Starlink.

Satellite broadband promises to bring coverage to the most remote areas of the planet by doing away with the need for antennas and other infrastructure.

It will also supply internet on commercial aircraft and to products like connected cars.

While Starlink heads the market with more than 2,000 tiny satellites orbiting just a few hundred kilometres above the Earth, OneWeb has 428 low-orbiting satellites.

Eutelsat already provides some internet services through a deal with telecoms firm Orange, but its network of 35 larger satellites orbit thousands of kilometres from Earth and are more commonly used for TV and other communications.

Eutelsat said the tie-up with OneWeb, if it goes through, would be the first of its kind allying lower and higher orbiting satellites.

The French firm said it would be “uniquely positioned” to exploit a market that it expected to be worth $16 billion by 2030.

The “potential all-share combination” would “create a global leader in connectivity”, Eutelsat said in a statement.

– ‘Logical next step’ –

However, the European firms face stiff competition.

Musk is not the only tech billionaire with plans to dominate the market — Amazon founder Jeff Bezos recently announced he intended to launch some 3,200 satellites.

Money is pouring into the sector, with Bezos apparently pledging $10 billion to his so-called Project Kuiper.

Public institutions are also looking to get in on the act.

China has a plan to launch a constellation of 13,000 satellites called Guowang and the European Union wants to deploy roughly 250 by 2024.

EU Internal Market Commissioner Thierry Breton said the satellites would help eliminates gaps in coverage, offer redundancy in case of cyberattacks on ground networks as well as providing for encrypted communications of European governments. 

“Low orbit constellations are a market which could potentially become strategic for governments,” said Romain Pierredon, an analyst at independent equity analysis firm AlphaValue.

He said national security interests were coming to the forefront in numerous industries, pointing to semiconductors.

“The goal is not to become dependent upon anyone, thus Europe is potentially a big client for OneWeb,” he added.

And the French and British governments are both involved in the potential merger — the UK owns a stake in OneWeb and a state-run French investment bank owns almost 20 percent of Eutelsat.

The UK’s Financial Times newspaper reported that both governments would have board seats at the new company.

The transaction would represent a “logical next step in the successful partnership”, said the French firm, highlighting that it already owned 20 percent of OneWeb. 

The potential deal has several hurdles to clear though, including the need to be approved by Eutelsat shareholders and regulators. 

“There can be no assurance that these discussions will result in any agreement,” said the French firm.

Eutelsat’s shares plunged 18 percent on the Paris stock exchange.

Firefighters battle California wildfire as heat wave grips much of US

California firefighters were making slow progress Monday battling a raging wildfire near Yosemite National Park that will force some residents to evacuate with “just the shirts on their back,” officials said.

The latest blaze — which has already forced thousands to evacuate — comes as much of the United States remain in the grip of a sweltering heat wave.

The Oak Fire in Mariposa County has burned 16,791 acres (6.795 hectares) and is so far 10 percent contained, Cal Fire, the state fire department, said Monday.

“What we’re seeing on this fire is very indicative of what we’ve seen in fires throughout California, in the West over the last two years,” Jon Heggie, a Cal Fire battalion chief, told CNN.

“These fires are burning with just such a velocity and intensity it makes it extremely challenging and extremely dangerous for both the public and the firefighters,” Heggie said.

“It’s moving so quickly it’s not giving people a lot of time and they sometimes are just going to have to evacuate with just the shirts on their back,” he said.

The Oak Fire has forced the evacuation of several thousand people so far, officials said, and the hot and dry conditions and steep, rugged terrain are complicating firefighting efforts.

More than 2,000 firefighters backed by 17 helicopters have been deployed against the Oak Fire, which broke out on Friday near the vast Yosemite National Park in central California.

– ‘Direct result’ of climate change –

California Governor Gavin Newsom on Saturday declared a state of emergency in Mariposa County, citing “conditions of extreme peril to the safety of persons and property.”

In recent years, California and other parts of the western United States have been ravaged by huge and fast-moving wildfires, driven by years of drought and a warming climate.

“What I can tell you is this is a direct result of what is climate change,” Heggie told CNN.

“You can’t have a 10-year drought in California and expect things to be the same,” he said. “We’re now paying the price for that 10-year drought.

“That drought is what drives what we are calling megafires.”

Evidence of global warming could be seen elsewhere in the country, as 60 million Americans were under a heat advisory on Monday.

Temperatures of 100 or more degrees Fahrenheit (37 degrees Celsius) are forecast across parts of eastern Kansas and Oklahoma into southern Missouri and northern Arkansas.

Not even the usually cool Pacific Northwest will escape the far-reaching heat, with temperatures forecast to reach record highs in some areas.

Cities have opened cooling stations and increased outreach to at-risk communities such as the homeless and those without air conditioning.

Various regions of the globe have been hit by extreme heat waves in recent months, such as Western Europe in July and India in March to April, incidents that scientists say are an unmistakable sign of a warming climate.

The extreme weather prompted former vice president Al Gore, a tireless climate advocate, to issue a stark warning on Sunday about “inaction” by US lawmakers.

Asked whether he believes US President Joe Biden should declare a climate emergency, which would grant him additional policy powers, Gore was blunt.

“Mother Nature has already declared it a global emergency,” Gore told ABC.

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